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GST e-invoicing mandatory from October
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SME Times News Bureau | 28 Sep, 2020
No further relaxation is likely
in terms of e-invoicing as the Centre is set to go ahead with the
decision to make GST e-invoicing mandatory for companies with annual
turnover of over Rs 500 crore for their business-to-business
transactions starting October 1.
Industry representatives, however, have urged the government to not make it mandatory and rather allow voluntary compliance.
The
relief, however, would be there for relatively smaller businesses, as
the threshold for mandatory e-invoicing, a step to improve tax
compliance, was earlier planned to be kept at Rs 100 crore, is set to be
raised to Rs 500 crore on the recommendations of an empowered panel of
the Goods and Services Tax (GST) Council.
The initial date for
its roll out was April 1, 2020, but the Centre notified October 1, 2020,
as revised date for implementation of e-invoicing.
As per the
website of the Good and Service Network 'e-invoicing' has many
advantages for businesses such as standardisation, interoperability,
auto-population of invoice details into GST return and other forms (like
e-way bill), reduction in processing costs, reduction in disputes,
improvement in payment cycles and thereby improving overall business
efficiency.
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